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Sep 16, 2008, 09.33 AM IST
Bank of America has agreed to acquire, Merrill Lynch, the world's largest broker. Merrill Lynch agreed to the Bank of America sale at USD 29 per share. This represents a huge premium to its closing price on Friday of USD 17 dollars per share, after talking to several other potential acquirers, including Morgan Stanley.
Alan Greenspan , Former Chairman, Federal Reserve said, “We shouldn't try to protect every institution. The ordinary course of financial change has winners and losers.
Dodge Dorland , CIO, Landor Investment Management said, “Bank of America talking to Merrill Lynch well before the perception of the disastrous event is a favourable event. Two giants talking well before time is a positive from the markets point of view. BoA stepping in and talking about a possible combination with Merrill leads to protection of the shareholder.
This information is source-based.
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